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You can run Django on PyPy, and it appears to be running reasonably well. By Django version 1.0 the current issues should have been resolved.
For now you can get a project like Pinax from Django Hotclub up and running with a bit of extra work.

Build pypy-c

Don't try this on a weak machine. It must have at least 1Gb memory and a 2+Gb swap space or it will do a lot of swapping. 2Gb is plenty.
Expect it to take 30-60 minutes

cd pypy/translator/goal
./translate.py --batch --opt=3

This will create a pypy-c executable in the current directory.

Python Language

Thread support

Hybrid generational style garbage collector

All optimisations

All working modules

Support old style classes style as done in Python 2.5 (default)

The generated interpreter will use the modified
and standard Python libraries bundled with the PyPy source code if a runtime library is not already on the PYTHONPATH.

Now copy or link the pypy-c executable to a place that is on your PATH, such as:

ln pypy-c /opt/local/bin

You should now be able to run pypy-c from any directory. Try it to make sure it works.
It will give you a warning about using compiled-in library path. That is ok. What this means is
that it is using path default that may only work on your machine.